It has long been argued that the anticipations of some future event will impact current consumption and well-being in … model, by assuming that in addition to his own current consumption, an agent’s current utility depends upon a reference … consumption level that is based on expected future consumption. Two alternative specifications of the anticipated future …

. Further, while during earlier parts of our sample both a slowdown in consumption and investment growth contribute to a … decomposition for consumption growth shows that the contribution of stock market volatility becomes negligible as we go from earlier …

the period 1980q1-2011q4. That is, income is more often found to predict consumption and saving than the converse. Our … consumption and by exploring the direction of Granger causality between the two series. We also give evidence that house price … changes played a role in the US income and consumption dynamics, before, during and after the Great Recession. …

. Further, while during earlier parts of our sample both a slowdown in consumption and investment growth contribute to a … decomposition for consumption growth shows that the contribution of stock market volatility becomes negligible as we go from earlier …

&D subsidy indeed leads to an intertemporal free lunch (i.e., an increase in per capita consumption at all times). Hence, Milton …